ECON102 Chapter Notes - Chapter 1.1: Ceteris Paribus, Demand Curve, Real Income

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ECON102 Full Course Notes
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ECON102 Full Course Notes
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These are some key words and definitions which must be learnt as in the exams you must define the terms that you use to demonstrate you true understanding. Scarcity: the condition of having unlimited wants/desires and limited resources (or distribution. Market: a place where buyers and sellers meet and agree on a price of goods or services. Opportunity cost: the cost of any activity measured in terms of the value of the next best alternative foregone. Demand: the willingness and ability of the consumer to consume a good or service in a given amount of time. The law of demand: as the price of a product falls, the quantity demanded of the product will usually increase, ceteris paribus. The market demand gives the total quantity demanded by all consumers. The individual demand is the demand of one individual or firm. The demand curve represents the relationship between the price and the quantity demanded of a product.

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